Average inflation rate in Q1 of current FY 7.5pc
Thursday, 9 December 2010
The average inflation rate during the first quarter (July-September) of the current fiscal year (FY) stands at 7.5 per cent.
Finance Minister Abul Maal Abdul Muhith disclosed this Wednesday, while placing a report in the House on the macroeconomic trend of the country in the first quarter of the fiscal, reports UNB.
The government has taken steps to restrict additional money flow in the non-productive sector to keep the inflation rate in check, the finance minister said.
"An important pledge of the present government was to control inflation," Muhith said, mentioning that the inflation rate of the last FY was 7.3 per cent.
The process is on to control the inflation by open market sale (OMS) and uninterrupted supply and distribution of essential items, he said.
In this connection, the minister said that money circulation increased 22.9 per cent during the FY. "But the government is keeping its eyes on the money circulation so that the inflation could not rise further."
Mr Muhith said the present government has fixed GDP growth at 6.7 per cent for the current FY. In this context, the government has taken steps for enhancement of investment, public and private, infrastructure development for power, energy, communication and port, human resource development, expansion of social safety net, and social infrastructure development.
He said that to enhance the revenue collection, the government has taken various types of reforms in the revenue sector. In this connection, amendment in VAT law and income tax law is going on.
"I hope that we will place those two laws in the Parliament in the next year," he added.
The finance minister informed the House that the expenditure for the Annual Development Programme (ADP) in the first quarter of the current FY was Tk 33.50 billion (3,350 crore), which is around nine per cent of the total allocation. The allocation for the ADP in the current FY was Tk 385 billion.
The expenditure for the ADP in the first quarter of the current fiscal was one per cent less compared to the same period of the last FY, he said.
But, this year the expenditure was Tk 2.25 billion higher than the corresponding period of the previous year, he added.
About the implementation of the ADP, the finance minister said that with collective initiatives, sincerity and developed fiscal management, the trend of ADP implementation and quality of the expenditure would be taken to the expected level.
Finance Minister Abul Maal Abdul Muhith disclosed this Wednesday, while placing a report in the House on the macroeconomic trend of the country in the first quarter of the fiscal, reports UNB.
The government has taken steps to restrict additional money flow in the non-productive sector to keep the inflation rate in check, the finance minister said.
"An important pledge of the present government was to control inflation," Muhith said, mentioning that the inflation rate of the last FY was 7.3 per cent.
The process is on to control the inflation by open market sale (OMS) and uninterrupted supply and distribution of essential items, he said.
In this connection, the minister said that money circulation increased 22.9 per cent during the FY. "But the government is keeping its eyes on the money circulation so that the inflation could not rise further."
Mr Muhith said the present government has fixed GDP growth at 6.7 per cent for the current FY. In this context, the government has taken steps for enhancement of investment, public and private, infrastructure development for power, energy, communication and port, human resource development, expansion of social safety net, and social infrastructure development.
He said that to enhance the revenue collection, the government has taken various types of reforms in the revenue sector. In this connection, amendment in VAT law and income tax law is going on.
"I hope that we will place those two laws in the Parliament in the next year," he added.
The finance minister informed the House that the expenditure for the Annual Development Programme (ADP) in the first quarter of the current FY was Tk 33.50 billion (3,350 crore), which is around nine per cent of the total allocation. The allocation for the ADP in the current FY was Tk 385 billion.
The expenditure for the ADP in the first quarter of the current fiscal was one per cent less compared to the same period of the last FY, he said.
But, this year the expenditure was Tk 2.25 billion higher than the corresponding period of the previous year, he added.
About the implementation of the ADP, the finance minister said that with collective initiatives, sincerity and developed fiscal management, the trend of ADP implementation and quality of the expenditure would be taken to the expected level.